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Business Insurance

Cyber Fraud – what you should know

The internet has become fertile ground for cyber fraud. This is affecting everyone in the e-commerce chain and can cause catastrophic damages in just seconds, by way of ruining credit scores, exposing personal information, identity theft, etc.  For retailers, damages can range from lost sales and devastation of brand reputation to regulatory fines and penalites.

Cyber Insurance  can pay for:

  • Legally required customer notification following a breach, as well as costs for providing customers with credit monitoring services.
  • Insurable regulatory fines and penalties, and the cost of regulatory defense from lawsuits under both the Payment Card Industry and the Fair Credit Reporting Act.
  • Lawsuits from customers for breaches, even if the loss occurs on a third-party vendor’s network.
  • Inadvertent exposure of information governed by website privacy promises or confidentiality agreements.
  • Interruption of business function caused by malware and viruses, denial of service attacks, and other causes.
  • Data restoration costs when systems are compromised or data is rendered unusable.
  • Cyber extortion and public relations crisis management.
  • Errors and omissions in the operation of an e-commerce website.
  • Stolen or lost data on paper files.

Ask us today how you can get Cyber Insurance. For more information on Cyber Insurance, check out: